S 618 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income. For saving provisions, see note under Part
heading. S 618 formerly read:
SECTION 618 INTEREST IN FIF
IF CALCULATION METHOD WAS APPLIED
If, in the case of an interest or interests in a FIF, the calculation method was applied to determine whether foreign investment fund income accrued to the taxpayer from the FIF in respect of the notional accounting period of the FIF that ended in the year of income, the taxpayer must make and keep records in Australia containing particulars of:
if there is a calculated profit in respect of the FIF in respect of that notional accounting period
the basis of the calculation of:
that calculated profit; and
so much (if any) of any calculated loss or calculated losses in respect of a preceding notional accounting period or preceding notional accounting periods of the FIF as was taken into account under section
in determining that calculated profit; and
the basis of the calculation of any foreign investment fund income that accrued to the taxpayer from the FIF in respect of that period.
S 618 inserted by No 190 of 1992.